The City of Corner Brook has delivered its budget for 2022.

There will be no mil rate increase for residential property tax, however some businesses will have to pay more.

The City is increasing the mil rate for commercial property to account for a four percent decrease in value. They say without any adjustment, the city would face a decrease of $277,600. The adjustment in mil rates will not create incremental tax dollars from the 2021 level, just maintain tax revenues for 2022.

Grocery stores, department stores, and banks are seeing an eight percent increase in the mil rate, while professional operations are facing a five percent increase. Oil companies and large retailers will see the rate increase by ten percent. Even with the changes, business tax revenues are budgeted to be $90,000 lower than the 2021 budget.

The total debt at the end of 2022 is expected to be $10.1-million dollars, a $2.6-million dollar increase over 2021.

The city says this budget is the beginning of a new strategy, with a focus on combining tourism growth, accessibility, improved recreation and cultural opportunities, with sound financial management.